SoftBank-backed Banco Inter says won’t proceed with Nasdaq listing

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FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market site in New York

SAO PAULO – Brazilian digital lender Banco Inter SA said it will not proceed with a planned listing on Nasdaq for now, according to a securities filing on Thursday.

Inter, which is backed by Japan’s SoftBank Group Corp, was expecting shareholders to demand to cash out less than 2 billion reais, while its vast majority would swap its shares in Brazil for shares listed in the U.S. or Brazilian Depositary Receipts. But the bank said requests to cash out exceeded 2 billion reais.

Banco Inter had offered shareholders 45.84 reais per unit for investors not interested in migrating to the United States, but units were trading below it, making the cash deal more attractive. Units in Inter closed at 32.99 reais on Thursday.

In a recent interview with Reuters, Chief Financial Officer Helena Caldeira said the bank has the right to review the transaction and potentially lower the cash-out price, without providing a time frame for that.

The bank said earlier it was planning to list in the United States to have “more access to global capital markets and potentially a larger and more diverse investor base.”

(Reporting by Carolina Mandl; Editing by Sonya Hepinstall)